Westlake Chemical Partners LP Announces First Quarter 2018 Results

Increased quarterly cash distribution by 2.9% sequentially, or 12%
compared to the first quarter 2017 distribution, to $0.3975 per unit,
the thirteenth consecutive quarterly increase in distributions

Quarterly net income attributable to the Partnership of $12.3 million

Quarterly MLP distributable cash flow of $14.5 million

Quarterly distribution coverage ratio of 1.13x

HOUSTON--(BUSINESS WIRE)--May 3, 2018--
Westlake Chemical Partners LP (NYSE: WLKP) (the "Partnership") today
reported net income attributable to the Partnership of $12.3 million, or
$0.36 per limited partner unit, for the three months ended
March 31, 2018, an increase of $2.5 million compared to first quarter
2017 net income attributable to the Partnership of $9.8 million. The
increase in net income attributable to the Partnership was primarily due
to the Partnership's increased ownership interest in Westlake Chemical
OpCo LP ("OpCo") effective as of July 1, 2017 and increased production
as compared to the prior-year period. Cash flows provided by operating
activities in the first quarter of 2018 were $106.2 million, a decrease
of $42.9 million compared to first quarter 2017 cash flows provided by
operating activities of $149.1 million. The decrease in cash flows
provided by operating activities was due to a decrease in working
capital that occurred in the first quarter of 2017 as OpCo collected
certain reimbursements from Westlake Chemical Corporation (“Westlake”)
associated with the turnaround and 250 million pound expansion of OpCo’s
Petro 1 facility in Lake Charles, Louisiana during 2016. For the three
months ended March 31, 2018, MLP distributable cash flow was $14.5
million, an increase of $3.1 million compared to first quarter 2017 MLP
distributable cash flow of $11.4 million. The increase in MLP
distributable cash flow as compared to the prior-year period was
primarily due to the Partnership's increased ownership interest in OpCo.
The first quarter of 2017 was negatively impacted by the turnaround and
100 million pound expansion of OpCo’s Calvert City facility, which began
in March and was completed in April 2017.

First quarter 2018 net income attributable to the Partnership of
$12.3 million, or $0.36 per limited partner unit, decreased by $3.2
million from fourth quarter 2017 net income attributable to the
Partnership of $15.5 million due to lower third party sales prices and
decreased production resulting from a power outage and supply
constraints for industrial gases. First quarter 2018 cash flows provided
by operating activities of $106.2 million decreased by $29.2 million
compared to fourth quarter 2017 cash flows from operations of
$135.4 million. The decrease in cash flows provided by operations was
primarily due to lower third party sales prices, decreased production
and changes in working capital. First quarter 2018 MLP distributable
cash flow of $14.5 million decreased by $2.3 million compared to fourth
quarter 2017 MLP distributable cash flow of $16.8 million due to lower
third party sales prices and decreased production.

On September 29, 2017, the Partnership issued and sold 5,175,000 common
units representing limited partner interests in the Partnership for
$113.9 million. The Partnership used the net proceeds of the public
offering and approximately $118.6 million of borrowings under the
$600 million senior unsecured revolving credit agreement with a
subsidiary of Westlake to acquire an additional 5% interest in OpCo for
$229.2 million, effective as of July 1, 2017.

On April 30, 2018, the Board of Directors of Westlake Chemical Partners
GP LLC, the general partner of the Partnership, announced a quarterly
distribution for the first quarter of 2018 of $0.3975 per limited
partner unit to be payable on May 24, 2018 to unit holders of record as
of May 10, 2018. The first quarter 2018 distribution increased 12%
compared to the first quarter 2017 distribution and 2.9% compared to the
fourth quarter 2017 distribution. MLP distributable cash flow provided
coverage of 1.13x the declared distributions for the first quarter of
2018.

OpCo's Ethylene Sales Agreement with Westlake is designed to provide for
stable and predictable cash flows. The agreement provides that 95% of
OpCo's ethylene production is sold to Westlake for a cash margin of
$0.10 per pound, net of operating costs, maintenance capital
expenditures and reserves for future turnaround expenditures.

"We are pleased with the Partnership's performance for the first quarter
of 2018. We continue to benefit from the 350 million pounds of ethylene
capacity that has been added over the past two years and the additional
ownership in OpCo acquired in the third quarter of 2017. This quarter we
increased our distribution for the thirteenth consecutive quarter and
are evaluating all opportunities available to continue to grow our cash
flows and distributions," said Albert Chao, President and Chief
Executive Officer.

The statements in this release and the related teleconference
relating to matters that are not historical facts, such as those with
respect to opportunities to continue to grow our cash flows and
distributions, are forward-looking statements. These forward-looking
statements are subject to significant risks and uncertainties. Actual
results could differ materially, based on factors including, but not
limited to, operating difficulties; the volume of ethylene that we are
able to sell; the price at which we are able to sell ethylene; changes
in the price and availability of feedstocks; changes in prevailing
economic conditions; actions of Westlake Chemical Corporation; actions
of third parties; inclement or hazardous weather conditions, including
flooding, and the physical impacts of climate change; environmental
hazards; changes in laws and regulations (or the interpretation
thereof); inability to acquire or maintain necessary permits; inability
to obtain necessary production equipment or replacement parts; technical
difficulties or failures; labor disputes; difficulty collecting
receivables; inability of our customers to take delivery; fires,
explosions or other industrial accidents; our ability to borrow funds
and access capital markets; and other risk factors. For more detailed
information about the factors that could cause actual results to differ
materially, please refer to the Partnership's Annual Report on Form 10-K
for the year ended December 31, 2017, which was filed with the SEC in
March 2018.

This release is intended to be a qualified notice under Treasury
Regulation Section 1.1446-4(b). Brokers and nominees should treat one
hundred percent (100.0%) of the Partnership's distributions to non-U.S.
investors as being attributable to income that is effectively connected
with a United States trade or business. Accordingly, the Partnership's
distributions to non-U.S. investors are subject to federal income tax
withholding at the highest applicable effective tax rate.

Use of Non-GAAP Financial Measures

This release makes reference to certain "non-GAAP" financial
measures, such as MLP distributable cash flow and EBITDA, as defined in
Regulation G of the U.S. Securities Exchange Act of 1934, as amended. We
report our financial results in accordance with U.S. generally accepted
accounting principles ("GAAP"), but believe that certain non-GAAP
financial measures, such as MLP distributable cash flow and EBITDA,
provide useful supplemental information to investors regarding the
underlying business trends and performance of our ongoing operations and
are useful for period-over-period comparisons of such operations. These
non-GAAP financial measures should be considered as a supplement to, and
not as a substitute for, or superior to, the financial measures prepared
in accordance with GAAP. A reconciliation of MLP distributable cash flow
and EBITDA to net income and net cash provided by operating activities
can be found in the financial schedules at the end of this release. We
define distributable cash flow as net income plus depreciation,
amortization and disposition of property, plant and equipment, less
contributions from turnaround reserves and maintenance capital
expenditures. We define MLP distributable cash flow as distributable
cash flow less distributable cash flow attributable to Westlake's
noncontrolling interest in OpCo and distributions attributable to the
incentive distribution rights holder. MLP distributable cash flow does
not reflect changes in working capital balances. We define EBITDA as net
income before interest expense, income taxes, depreciation and
amortization. Because MLP distributable cash flow and EBITDA may be
defined differently by other companies in our industry, our definitions
of MLP distributable cash flow and EBITDA may not be comparable to
similarly titled measures of other companies.

Westlake Chemical Partners LP

Westlake Chemical Partners is a limited partnership formed by Westlake
Chemical Corporation to operate, acquire and develop ethylene production
facilities and other qualified assets. Headquartered in Houston, the
Partnership owns an 18.3% interest in Westlake Chemical OpCo LP.
Westlake Chemical OpCo LP's assets consist of three ethylene production
facilities in Calvert City, Kentucky, and Lake Charles, Louisiana and an
ethylene pipeline. For more information about Westlake Chemical Partners
LP, please visit http://www.wlkpartners.com.

Westlake Chemical Partners LP Conference Call Information:

A conference call to discuss Westlake Chemical Partners' first quarter
2018 results will be held Thursday, May 3, 2018 at 12:00 PM Eastern Time
(11:00 AM Central Time). To access the conference call, dial (855)
765-5686 or (234) 386-2848 for international callers, approximately 10
minutes prior to the scheduled start time and reference passcode 6086876.

This call will be available for replay beginning at 2:00 PM Eastern Time
until 11:59 PM Eastern Time on May 10, 2018. To hear a replay, dial
(855) 859-2056 or (404) 537-3406 for international callers. The replay
passcode is 6086876.